Business Ethics Quiz

What is a business?

• A place where only products are sold

• An organization or economic system where goods and services are exchanged

• A type of product sold to customers

• A service offered to customers

What is the simplest form of business organization?

• Corporation

• Cooperative

• Sole Proprietorship

• Partnership

Which of the following is an example of a Sole Proprietorship?

• SM Supermalls

• A local sari-sari store

• A large law firm

• San Miguel Corporation

In a General Partnership, how is the responsibility shared?

• Only one partner has all the responsibility

• Partners have equal responsibility and liability

• Some partners have limited liability, while others have full responsibility

• Partners have no liability

What distinguishes a Limited Liability Partnership (LLP) from other partnerships?

• Partners have unlimited liability

• Partners are protected from personal liability for business debts

• Only one partner has responsibility

• It is exclusively for large corporations

Which type of business organization is a legal entity separate from its owners?

• Partnership

• Cooperative

• Corporation

• Sole Proprietorship

In a Corporation, what is the responsibility of shareholders?

• They manage daily operations

• They are responsible for business debts

• Their liability is limited to their investment in the corporation

• They run the business operations personally

Which of the following is an example of a cooperative?

• A law firm

• A workers' union

• Cebu Consumers Cooperative

• SM Prime Holdings

What is the primary goal of a cooperative business organization?

• To provide products and services at better prices to members

• To maximize profits for shareholders

• To reduce personal liability for business owners

• To create a global network of customers

Which of the following is an example of a Service Business?

• 7-Eleven

• San Miguel Corporation

• Shangri-La Hotels

• Lazada Philippines